Project Accounting & Cost Control
Gold Seal: 2 Credits * BC Housing: 6 CPD Credits
Description
The Project Accounting and Cost Control course is designed for construction company owners, project managers, project coordinators, estimators, accountants, and staff to develop an understanding of accounting processes as it relates to construction projects.
Participants will learn how to design and read various construction financial reports and improve the financial systems of their construction company.
At the end of the course participants will be able to:
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Understand the various types of contracts within the construction industry and the implications for the design of construction projects' financial management and stakeholder satisfaction.
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Understand the estimating process from bid to award to site mobilization.
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Be able to read and understand a General Summary Sheet of the bid and the steps to produce a Project Budget.
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Understand the various types of Change Order methods within construction contracts and the implications for Change Order reporting.
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Be able to link the site resources used for a change order to a Daily Extra Report and then to the accounting system.
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Be able to read financial statements: income statement, balance sheet, cash flow, job cost reports, and make decisions on a timely basis.
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Be able to forecast the percentage of completion reports: projected income statements, job costing, and cash flow to satisfy internal and external stakeholders such as banks and bonding companies.
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Understand and calculate various financial ratios used to understand financial reports and create company dashboards.
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Understand the holdback requirements of the Builder’s Lien Act and typical invoicing processes used at month end.
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Be able to calculate aged accounts payable and receivables separate from holdback amounts.
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Understand the importance of payroll reporting and be able to link this to the project schedule and labour productivity assumptions used by the estimating team.
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Understand the importance of procurement internal controls and the different methods used for the recognition of revenue and expenses.
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Understand the normal close-out processes and the reports expected for the project budget vs. actual, deficiencies and warranties.
Duration: This course consists of 7 video modules with 6 hours of self-paced expert instruction and material.
How registration works: Registrations will be processed, and login credentials will be issued upon receiving payment in full.
Prerequisites
There are no prerequisites for this course.
Who Should Attend
The Project Accounting and Cost Control course is designed for construction company owners, project managers, project coordinators, estimators, accountants, and staff to develop an understanding of accounting processes as it relates to construction projects.